New York federal reserve

Upstate New York is having a hard time getting over the recession. Unemployment in upstate rose to 8.5 percent in August, close to one percentage point higher than during August 2011, according to a new report from the New York State Department of Labor. New York’s rate peaked above the national trend, and this month Governor Andrew Cuomo started an initiative to help address the issue.

The education and healthcare sectors - or "eds and meds" - provide potential for upstate New York's economy - as long as the region can translate research activity into job creation.

That was the message from William Dudley, president of the Federal Reserve Bank of New York. Dudley was in Syracuse Thursday for a series of speeches. He also sat down with the Innovation Trail.

"The educational establishment is world-class," Dudley said. "And the amount of innovation that those institutions are driving is substantial. But not much of that innovation actually leads to jobs in the region."